How Small Businesses Can Get a Share of the Governor’s $100 Million Economic Recovery Program

On Tuesday, May 25, Governor Cuomo announced the New York Forward Loan Fund (NYFLF), a new economic recovery program meant to support small businesses, nonprofits, and small landlords recovering from the COVID-19 crisis. The $100 million fund is intended to provide flexible and affordable loans to businesses that didn’t receive federal COVID-19 assistance.

The announcement of this recovery program comes as Westchester is beginning reopening measures. The NYFLF supports businesses and organizations as they are met with the challenges of reopening in compliance with state guidelines, such as refitting for social distancing. 

“We commend New York State for this much-needed recovery loan program for small businesses, not-for-profits and landlords who were unable to secure any of the SBA loans. Thanks to the New York Forward Loan Fund program, they will now have an opportunity to receive the vital funding that is necessary for them to successfully reemerge from the pandemic,” says Westchester County Office of Economic Development Director Bridget Gibbons.

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The fund targets businesses with 20 or fewer full-time employees that have a gross income less than $3 million per year, and has a focus on helping minority and woman-owned businesses. The NYFLF also lends money to smaller landlords who have lost rental income, and nonprofits that provide direct services and have an annual operating budget under the same $3 million threshold.

Businesses and organizations that have received federal assistance in the form of the Small Business Association’s Paycheck Protection Program (PPP) or Economic Injury Disaster Loan for COVID-19 in 2020 are not eligible to apply for this recovery program.

Pre-applications opened May 26 at noon. The applications will be reviewed on a rolling basis and priority will go to industries that have been reopened.

Governor Cuomo explains why this is a priority for the state:

Small businesses are the engine of the New York economy, but they are now facing some of the toughest challenges in this pandemic,” he says. “Helping our small businesses is a top priority,”

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Loans are not forgivable in part or in full and must be paid back within 5 years. Of the $100 million total, approximately 12% — $12 million — is expected to aid Hudson Valley businesses.

Businesses interested in seeking more information or applying for a NYFLF loan can do so here

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